Nigerian billionaire Tony Elumelu has pledged $1 billion (Ksh129 billion) for infrastructure development in Kenya following a meeting with President William Ruto on Wednesday, November 12. This significant investment aims to boost Kenya's infrastructure, energy generation, food security, and expand its road and rail networks.

• The $1 billion commitment comes from Elumelu in his capacity as Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group.
• President William Ruto highlighted the pledge as a testament to a shared vision for Africa's future, emphasizing the private sector's crucial role in development.
• Elumelu, born on March 22, 1963, is a Nigerian economist and entrepreneur known for his "Africapitalism" philosophy, promoting private sector-led development. His net worth was estimated at $2.15 billion in March 2025.